Heron Therapeutics AI Stock Analysis
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Heron Therapeutics (HRTX) AI Stock Analysis
Heron Therapeutics
(NASDAQ:HRTX)
The score is primarily pressured by weak financial quality (high leverage, ongoing losses, and negative free cash flow) and bearish technicals (price below all key moving averages with negative MACD). The latest earnings call adds uncertainty due to withdrawn guidance and CINVANTI legal/generic risk, partially offset by improving operational metrics and growth in APONVIE and ZYNRELEF.
Heron Therapeutics Key Performance Indicators (KPIs)
Net Sales by SegmentBreaks down Heron’s revenue by product line, therapeutic area, or geography to show which drugs and markets are driving growth or creating concentration risk. For a company with a small commercial portfolio, segment-level sales reveal whether recent launches, pricing, and reimbursement are gaining traction, highlight dependence on any single product or region, and flag where weaker demand or payer pressure could meaningfully affect top-line growth and margins.
Sales mix is visibly shifting from legacy oncology and the wind‑down of SUSTOL toward high‑growth acute‑care products: ZYNRELEF and APONVIE are driving meaningful unit and account gains that offset CINVANTI’s modest softness. Management’s March rebound and the reaffirmed full‑year guidance imply Q1 weakness was seasonal/weather‑driven, not structural, but near‑term gross‑margin pressure from higher‑cost secondary CINVANTI supply will depress profitability until that inventory clears over the next two quarters; ZYNRELEF adoption and margin normalization are the key catalysts to watch.
The FlyHeron Therapeutics (HRTX) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $68.21M
- Dividend Yield
- ―
- Average Volume (3M)
- 4.48M
- Price to Earnings (P/E)
- -3.2
- Beta (1Y)
- 1.62
- Revenue Growth
- -4.44%
- EPS Growth
- -47.21%
- Country
- US
- Employees
- 128
- Sector
- General
- Sector Strength
- 55
- Industry
- Biotechnology
Heron Therapeutics Business Overview & Revenue Model
Company Description
Heron Therapeutics, Inc. is a biotechnology firm dedicated to creating innovative therapies for critical patient requirements. The company leverages its proprietary Biochronomer drug delivery platform, an advanced system that enables the controlled r...
How the Company Makes Money
Heron Therapeutics primarily makes money by selling its FDA-approved pharmaceutical products in the U.S. through commercial distribution channels to hospitals, outpatient surgical centers, oncology clinics, and related providers. Revenue is recognize...
Heron Therapeutics Earnings Call Summary
The call showed meaningful commercial strengths — notably strong year-over-year growth in the acute care franchise, particularly APONVIE and ZYNRELEF, improved adjusted EBITDA, and proactive balance sheet and legal actions. However, the June court decision creating potential generic competition for CINVANTI (the company's largest product), the subsequent withdrawal of full-year guidance, reduced pro forma cash after required principal payments, an increased GAAP net loss, and a pause in sales force expansion introduce significant near-term uncertainty. Overall, positive operating pockets are overshadowed by material legal, cash and guidance risks.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Heron withdrew its full‑year 2026 guidance of $173–$183 million in net product sales and $10–$20 million in adjusted EBITDA, citing three uncertainties (the June court decision affecting potential generic timing/terms for CINVANTI, the pause of a planned second‑half sales‑force expansion and tightened spending, and consideration of strategic alternatives) and will instead report quarterly on cash, spending and covenant compliance; at quarter end it had $42.7 million in cash, equivalents and short‑term investments (pro forma ~$28.5M after a $13.5M principal paydown and ~ $24.3M if a further $4.0M payment is made by Sept. 15), agreed an amended Hercules facility that waives June covenants and resets monthly minimum revenue and EBITDA covenants plus a minimum cash covenant through December 2027, and reported Q2 results of $37.7M net revenues, 69.3% gross margin, $2.0M operating loss, $5.5M net loss and $3.2M adjusted EBITDA.
Heron Therapeutics Financial Statement Overview
Summary
Operations have improved (revenue scaled over multiple years, gross margins ~70%+, and losses/cash burn narrowed), but the company remains unprofitable with negative operating profit/EBITDA and negative free cash flow. Balance-sheet risk is the biggest drag: very thin equity versus sizable debt (extremely high leverage), keeping financing and covenant risk elevated.
Income Statement
46NeutralBalance Sheet
28NegativeCash Flow
34Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 148.22M | 154.90M | 144.28M | 127.04M | 107.67M | 86.35M |
| Gross Profit | 109.40M | 113.56M | 105.64M | 61.94M | 52.80M | 40.33M |
| EBITDA | -15.31M | -17.88M | -5.06M | -103.79M | -176.66M | -215.25M |
| Net Income | -21.56M | -20.20M | -13.58M | -110.56M | -182.02M | -220.68M |
Balance Sheet | ||||||
| Total Assets | 230.45M | 255.88M | 233.15M | 222.51M | 250.95M | 305.71M |
| Cash, Cash Equivalents and Short-Term Investments | 23.45M | 46.63M | 59.28M | 80.41M | 84.85M | 157.58M |
| Total Debt | 131.73M | 140.64M | 177.76M | 179.63M | 157.48M | 159.50M |
| Total Liabilities | 225.53M | 241.54M | 266.80M | 256.48M | 237.38M | 228.14M |
| Stockholders Equity | 4.92M | 14.33M | -33.65M | -33.97M | 13.57M | 77.57M |
Cash Flow | ||||||
| Free Cash Flow | -14.36M | -27.91M | -24.23M | -60.33M | -148.74M | -206.38M |
| Operating Cash Flow | -13.73M | -27.59M | -22.53M | -58.79M | -146.91M | -203.35M |
| Investing Cash Flow | 434.00K | 16.01M | 18.71M | 18.00M | -3.32M | 32.73M |
| Financing Cash Flow | -18.18M | 14.43M | 940.00K | 54.11M | 75.06M | 156.03M |
Heron Therapeutics Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HRTX, the sentiment is Positive. The current price of 0.36 is above the 20-day moving average (MA) of 0.32, above the 50-day MA of 0.33, and below the 200-day MA of 0.66, indicating a neutral trend. The MACD of -0.00 indicates Negative momentum. The RSI at 56.90 is Neutral, neither overbought nor oversold. The STOCH value of 65.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HRTX.
Heron Therapeutics Risk Analysis
Heron Therapeutics disclosed 57 risk factors in its most recent earnings report. Heron Therapeutics reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
3 New RisksHeron Therapeutics Peers Comparison
Overall Rating
GANX48Neutral
ADCT47Neutral
ONCY46.6Neutral- HRTX43Neutral
CRDF42Neutral
BDTX39Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| GANX | 48Neutral | $47.14M | -2.64 | -133.17% | ― | ― | 33.17% |
| ADCT | 47Neutral | $192.78M | -3.06 | 36.95% | ― | 12.85% | 63.71% |
| ONCY | 47Neutral | $48.68M | -1.71 | 1020.21% | ― | ― | 2.05% |
| HRTX | 43Neutral | $71.18M | -3.17 | -244.35% | ― | -4.44% | -47.21% |
| CRDF | 42Neutral | $61.83M | -1.27 | -103.08% | ― | -6.96% | 32.77% |
| BDTX | 39Underperform | $91.64M | -2.12 | -43.99% | ― | -100.00% | -302.37% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HRTX | Heron Therapeutics Inc | 0.36 | -0.75 | -67.66% | |
| ONCY | Oncolytics Biotech | 0.41 | -0.67 | -61.94% | |
| CRDF | Cardiff Oncology, Inc. | 0.77 | -1.38 | -64.42% | |
| BDTX | Black Diamond Therapeutics, Inc. | 1.61 | -2.88 | -64.14% | |
| ADCT | ADC Therapeutics Ltd | 1.60 | -2.45 | -60.49% | |
| GANX | Gain Therapeutics, Inc. | 1.11 | -1.88 | -62.88% |
Heron Therapeutics Corporate Events
Heron Therapeutics Agrees to Sell Assets to CorMedix
NeutralOn November 8, 2026, Heron Therapeutics agreed to sell substantially all of its assets to CorMedix, excluding its federal tax net operating losses and certain other assets. The consideration included $145 million in cash, 14,583,333 CorMedix shares,...
Heron Therapeutics Expands U.S. Portfolio Through Licensing Deal
PositiveOn September 23, 2026, Heron Therapeutics entered into a multi-product Development and License Agreement with Long Grove Pharmaceuticals and Capstone Development Services, gaining an exclusive U.S. license to import, distribute, sell and market speci...
Heron Therapeutics Extends Tax Benefit Preservation Plan Timeline
PositiveOn August 13, 2026, Heron Therapeutics, Inc. amended its existing Tax Benefit Preservation Plan originally adopted on August 14, 2025, with Computershare Trust Company, N.A. as rights agent. The amendment extends the plan’s Final Expiration Date, and...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 10, 2026